Oil prices rise again in global market

Reuters reported this information in a report published on Wednesday (July 1).

According to the report, in early trading on Wednesday, the price of Brent crude in the international market rose by 50 cents or 0.69 percent to $73.45 per barrel. During the same period, the price of West Texas Intermediate (WTI) crude increased by 63 cents or 0.91 percent to $70.13 per barrel.

According to analysts, the growing risk of disruption to peace efforts in the Middle East has created new concerns about energy supply. This has led to an upward trend in oil prices.

Earlier, amid the possibility of easing conflict in the Middle East, the price of Brent crude fell by about $45 per barrel between the first and second quarters of this year. This was the biggest quarterly price drop since the global financial crisis of 2008.

During the same period, the price of WTI crude also fell by about $31 per barrel, which is considered the highest quarterly drop since the COVID-19 pandemic in 2020.